Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of June 30, 2026:


	Total		Level I		Level II		Level III
First lien	$	1,344,659	$	—	$	73,525	$	1,271,134
Second lien	18,638		—		1,723		16,915
Subordinated	13,778		—		—		13,778
Equity and other	19,521		—		—		19,521
Total investments	$	1,396,596	$	—	$	75,248	$	1,321,348

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2025:


	Total		Level I		Level II		Level III
First lien	$	1,462,772	$	—	$	114,682	$	1,348,090
Second lien	19,288		—		—		19,288
Subordinated	11,549		—		—		11,549
Equity and other	18,489		—		—		18,489
Total investments	$	1,512,098	$	—	$	114,682	$	1,397,416

Schedule of Changes in Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, March 31, 2026	$	1,369,915	$	1,329,977	$	11,583	$	11,821	$	16,534
Total gains or losses included in earnings:
Net realized (losses) gains on investments	(5,219)		(5,219)		—		—		—
Net change in unrealized appreciation (depreciation)	1,726		1,926		1,334		—		(1,534)
Purchases, including capitalized PIK and revolver fundings (1)	65,879		57,246		—		1,957		6,676
Proceeds from sales and paydowns of investments (1)	(118,303)		(116,148)		—		—		(2,155)
Transfers into Level III (2)	9,166		5,168		3,998		—		—
Transfers out of Level III (2)	(1,816)		(1,816)		—		—		—
Fair value, June 30, 2026	$	1,321,348	$	1,271,134	$	16,915	$	13,778	$	19,521
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(2,940)	$	(2,740)	$	1,334	$	—	$	(1,534)

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, March 31, 2025	$	1,338,656	$	1,299,363	$	21,220	$	8,092	$	9,981
Total gains or losses included in earnings:
Net realized (losses) gains on investments	(18)		(18)		—		—		—
Net change in unrealized (depreciation) appreciation	(6,683)		(5,982)		(355)		35		(381)
Purchases, including capitalized PIK and revolver fundings	82,162		81,439		—		271		452
Proceeds from sales and paydowns of investments	(101,049)		(101,049)		—		—		—
Transfers into Level III (1)	31,468		25,490		5,978		—		—
Transfers out of Level III (1)	(8,732)		(8,732)		—		—		—
Fair value, June 30, 2025	$	1,335,804	$	1,290,511	$	26,843	$	8,398	$	10,052
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(7,717)	$	(7,017)	$	(354)	$	35	$	(381)

(1)As of June 30, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, December 31, 2025	$	1,397,416	$	1,348,090	$	19,288	$	11,549	$	18,489
Total gains or losses included in earnings:
Net realized (losses) gains on investments	(5,562)		(5,562)		—		—		—
Net change in unrealized (depreciation) appreciation	(13,064)		(11,054)		1,662		(117)		(3,555)
Purchases, including capitalized PIK and revolver fundings (1)	96,894		87,806		—		2,346		6,742
Proceeds from sales and paydowns of investments (1)	(184,563)		(182,408)		—		—		(2,155)
Transfers into Level III (2)	40,076		36,078		3,998		—		—
Transfers out of Level III (2)	(9,849)		(1,816)		(8,033)		—		—
Fair value, June 30, 2026	$	1,321,348	$	1,271,134	$	16,915	$	13,778	$	19,521
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(18,711)	$	(14,961)	$	(78)	$	(117)	$	(3,555)

(1)Includes non-cash reorganizations and restructurings.

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, December 31, 2024	$	1,334,581	$	1,313,264	$	10,488	$	4,766	$	6,063
Total gains or losses included in earnings:
Net realized (losses) gains on investments	(3,806)		(3,806)		—		—		—
Net change in unrealized (depreciation) appreciation	(5,165)		(4,100)		(655)		108		(518)
Purchases, including capitalized PIK and revolver fundings (1)	133,265		125,234		—		3,524		4,507
Proceeds from sales and paydowns of investments (1)	(172,526)		(172,526)		—		—		—
Transfers into Level III (2)	49,455		32,445		17,010		—		—

Fair value, June 30, 2025	$	1,335,804	$	1,290,511	$	26,843	$	8,398	$	10,052
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(10,268)	$	(9,203)	$	(655)	$	108	$	(518)

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of June 30, 2026 were as follows:

Range

Type

Fair Value as of, June 30, 2026

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

1,254,834

Market & income approach

EBITDA multiple

6.8x

25.0x

14.6x

Revenue multiple

2.0x

10.0x

6.3x

Discount rate

6.5

57.3

10.3

16,300

Other

N/A (2)

N/A

Second lien

10,915

Market & income approach

EBITDA multiple

12.0x

16.0x

14.0x

Discount rate

10.3

21.7

16.2

6,000

Other

N/A (2)

N/A

Subordinated

12,215

Market & income approach

EBITDA multiple

8.5x

16.4x

13.3x

Discount rate

12.7

14.6

14.3

1,563

Other

N/A (2)

N/A

Equity and other

15,785

Market & income approach

EBITDA multiple

8.5x

18.0x

13.2x

Revenue multiple

5.5x

8.5x

7.0x

Discount rate

13.6

3,736

Other

N/A (2)

N/A

1,321,348

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or a recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2025 were as follows:

Range

Type

Fair Value as of December 31, 2025

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

1,230,767

Market & income approach

EBITDA multiple

7.0x

31.3x

16.7x

Revenue multiple

4.0x

19.5x

10.1x

Discount rate

6.1

21.6

9.0

117,323

Other

N/A (2)

N/A

Second lien

19,288

Market & income approach

EBITDA multiple

14.0x

18.0x

16.0x

Discount rate

11.3

14.3

12.9

Subordinated

11,549

Market & income approach

EBITDA multiple

8.8x

18.0x

12.2x

Discount rate

11.7

14.6

14.0

Equity and other

18,489

Market & income approach

EBITDA multiple

8.8x

18.0x

13.5x

Revenue multiple

7.5x

10.5x

9.0x

Discount rate

12.7

1,397,416

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Schedule of Principal Amount and Fair Values of Borrowings

The following table summarizes the principal amount and fair value of the Company’s debt obligation as of June 30, 2026 and December 31, 2025. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.


	June 30, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
Wells Credit Facility	$	459,500	$	456,543	$	573,800	$	569,482

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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